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The identity of Phoenix Re’s cedant and the type of transaction remains unclear.
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The insurer will begin ceding risk to Lifson from January 1 next year. -
The initial $55.1mn bond is slightly above the equivalent December 2019 issuance.
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The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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Returns could remain at that level if the current period remains loss free.
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RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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The sidecar's asset base has fallen by around $140mn in the past year.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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The growth follows the reinsurer expanding its relationship with PGGM.
